Return of Capital by Partial Compulsory Redemption

NB Global Monthly Income Fund Ltd

14 November 2023

 

14 November 2023

NB Global Monthly Income Fund Limited ("NBMI")

Return of Capital by a Partial Compulsory Redemption of Shares

The Board announces that in connection with the Compulsory Redemption announced on 25 October 2023, the Company redeemed 29,143,537 shares at a price of 80.77 pence per share for cancellation which was approximately 40.86% of the Company's Sterling Shares in issue, which represents an aggregate redemption amount of £23,539,233.

Fractions of shares produced by the applicable redemption ratios have not been redeemed and therefore the number of shares redeemed in respect of each shareholder has been rounded down to the nearest whole number of shares.

Payments of redemption monies are expected to be effected either through CREST (in the case of shares held in uncertificated form) or by cheque (in the case of shares held in certificated form) by 27 November 2023. Any certificates currently in circulation will be superseded by a new certificate which will be distributed to shareholders by 27 November 2023.

Following the redemption, the Company has 42,182,147 Sterling Shares in issue. Therefore, the total number of voting rights in the Company is 42,182,147 and may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules.

The tables below provide an overview of the Company's portfolio composition as of 31 October 2023, including currency breakdown, asset type and the time to maturity for each asset rating:

http://www.rns-pdf.londonstockexchange.com/rns/3038T_1-2023-11-13.pdf

The Board is pleased with the progress the Investment Manager has made in realising the portfolio to-date. In the period since 27 January 2023, there has now been five compulsory redemptions reflecting a total value of c.£144 million which is equivalent to approximately 80% of NAV as of 27 January 2023. The Investment Manager has successfully traded assets to-date on aggregate at or above their total NAV.

As communicated in connection with the Managed Wind-down proposal, the time periods to realise assets in an orderly manner with a view to maintaining Shareholder value is inherently uncertain. Now that the Company's portfolio has decreased in size and is left with less liquid assets, the level of uncertainty has increased. Based on current and anticipated market conditions, the Investment Manager currently anticipates that the process of realising the remaining assets in the Company's portfolio could require a period of up to 12 months. Shareholders should also note that the more illiquid assets remaining in the Company's portfolio are more difficult to value and the proceeds raised from realising such assets may be less than the value attributed to such assets in the NAV.

The Board will continue to make further announcements as further information becomes available on the progress of the Managed Wind-down. 

The new ISIN, GG00BQT48T90, in respect of the remaining shares which have not been redeemed (the "New ISIN") is enabled and available for transactions as of 14 November 2023. CREST will automatically transform any open transactions as at the Redemption Date into the New ISIN.

For further information, please contact:

Neuberger Berman Europe Limited (Manager) Elizabeth Papadopoulos	[phone]
Deutsche Numis (Broker) Hugh Jonathan Matt Goss	[phone]
Sanne Fund Services (Guernsey) Limited (Company Secretary) Matt Falla Gemma Berry	[phone]

LEI: 549300P4FSBHZFALLG04

 

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